PowerBlog has in the past endorsed the concept of micro-loans as a market-friendly and thereby effective way of aiding the poor, especially in developing countries.
Now Arneel Karnani has attacked microfinance in a prestigious publication, largely on the basis of macroeconomic data.
An snippet from Ecumenical News International:
Presbyterians invest $1 million in church ‘bank’ that helps poor
New York (ENI). The Presbyterian Church (USA) has invested US$1 million in Oikocredit, an organization established by the World Council of Churches that assists people in poor countries start small businesses. The investment is the largest in Oikocredit over more than a decade, the church announced earlier this week, making the 2.4-million-member US denomination the second-largest investor in the institution set up in 1975. The largest is the Church of Sweden.
I was watching my favorite rerun on TV Land the other day, Bonanza. If you don’t know Bonanza, you should. It’s perhaps the classic TV western, and I was watching episode #68 from Season Three, “Springtime.”
